STRAVA Specialty announced today significant enhancements to its coverage form and the addition of a dedicated $250,000 limit for Cyber Liability.
STRAVA services a broad spectrum of clientele across the contracting and environmental consulting spectrum via their Contractors Pollution Liability (CPL) and Contractors Pollution and Professional Liability (CPPL) products. With today’s news, the cyber enhancement provides further peace of mind and a better overall product to STRAVA customers.
“We’re excited to expand STRAVA’s best-in-class insurance products with the addition of bolt-on Cyber Liability Insurance coverage to our existing coverage forms,” said Michael Henk, President and CEO of STRAVA. “It’s no secret that in today’s digital age, cyber threats are more prevalent than ever. Our dedicated Cyber Liability coverage enhancement offers our insureds a dedicated limit of liability protection against a wide range of cyber risks and ensures their business is safeguarded against the financial damage caused by cyber incidents.”
The coverage form updates provide better clarity regarding insuring agreement triggers, and include enhancements in these areas:
- Expanded Insuring Agreement Coverage
- Emergency Response: Now provides coverage for incidents at both Non-Owned Disposal Sites and the Insured’s Location.
- Non-Owned Disposal Sites: Coverage now explicitly includes waste that originates from the Insureds Location.
- Your Insured Location: Blanket coverage now available as standard, sudden and accidental timeframe extended from 10 to 15 days, and includes coverage give-back for USTs closed or removed during the policy period.
- Adverse Media: Coverage expanded to include claims resulting from Non-Owned Disposal Sites and the Insured’s Location.
- Enhanced and Expanded Definitions
- Contracting Operations: The definition is streamlined to encompass any and all contracting services provided by or on behalf of the Named Insured.
- Green Building Materials: The definition is simplified, no longer requiring LEED certification, and now includes any environmentally preferable materials.
- Legal Expense: Clarified to confirm legal expense coverage applies to claims resulting from all coverage to which the policy applies, eliminating ambiguity.
- Pollutant: Legionella pneumophila and hazardous materials added.
- Professional Loss: The give-back provision is refined to specifically address faulty workmanship, providing clearer coverage guidance.
- Professional Subconsultant: Definition expanded to include sub-subconsultants and subcontractors, providing an additional layer of protection.
- Rectification Expense: Explicitly confirms coverage for reducing the Insured’s potential liability to a person or organization.
- Your Insured Location: In conjunction with the now standard blanket coverage, expands the definition to include any real property owned, leased, or operated for use as an office, warehouse, or for equipment storage.
According to information provided by the International Risk Management Institute, Inc (IRMI), CPL continues to be an under-penetrated insurance product, with an estimated number of buyers representing only approximately 3–4 percent of the total construction or contracting market. With rates for new buyers largely driven by insurer appetite, the expansion of STRAVA’s form definitions, along with the addition of a cyber liability to their coverage form, aggressively positions the company to be a key player in the environmental market.
A summary of the changes can be found here.